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Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Wednesday, March 08 2000

Daily Brady Bond Trading Commentary

The follow through from Moody's upgrade of Mexico continued across the Latin debt universe Wednesday. In Mexico, Bradys tightened further, while the global issues lagged. While some index players will stay away from the Mexican Bradys and overall institutional demand favors the globals, Bradys still stand to outperform on demand from value players and arb desks. The EM debt market may meet resistance in the near future, however. Next week, it will contend with U.S. inflation figures, which are likely to reflect large jumps in fuel and tobacco prices. The following week brings the FOMC meeting, at which a 25 bps hike is widely expected. The risk, albeit small at the moment, is that the Fed sees cause to do more at that meeting.
This report was prepared by Credit Lyonnais Securities (USA) Inc. The information and statistical data herein have been obtained from sources we believe to be reliable but in no way are warranted by us as to accuracy or completeness. Returns set forth in this report are estimates based on internal assumptions, and any changes in these assumptions may have material impact on such estimated returns. This is not a solicitation or any offer to buy or sell securities. We, our affiliates, and any officer, director or stockholder or any member of their families, may have a position in and may from time to time purchase or sell any of the above mentioned or related securities.
 

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